Training By Himanshu

Tag: Voucher Entry

  • Mastering Voucher Entry in Tally ERP 9

    In Tally ERP 9, voucher entry is the process of recording financial transactions such as payments, receipts, sales, purchases, journal entries, contra entries, debit notes, credit notes, and payment advices. Here’s how to do voucher entry in Tally ERP 9:

    Steps to Perform Voucher Entry:

    1. Open Tally ERP 9: Double-click the Tally ERP 9 icon on your desktop to launch the software.
    2. Select Company: Choose the company for which you want to perform voucher entry from the list of available companies.
    3. Access Voucher Entry Screen:
    • Go to the Gateway of Tally (main screen).
    • Navigate to the appropriate voucher entry screen based on the type of transaction you want to record. You can access voucher entry screens using shortcut keys or through the menu options.
    • For example, press F9 for purchase voucher, F8 for sales voucher, F5 for payment voucher, F6 for receipt voucher, F7 for journal voucher, F4 for contra voucher, F10 for debit note voucher, F11 for credit note voucher, and so on.

    Enter Voucher Details:

    • Once you are in the voucher entry screen, you’ll see various fields where you can enter details about the transaction.
    • Fill in the date of the transaction in the appropriate field.
    • Select the account (ledger) that is being debited or credited in the transaction. You can type the first few letters of the account name to search for it.
    • Enter the amount of the transaction in the relevant field.
    • Repeat the process for additional accounts involved in the transaction.

    Save the Voucher:

    • After entering all the necessary details, press Ctrl + A or click on the “Accept” button to save the voucher.
    • Tally will validate the entries and save the voucher if there are no errors.

    View or Print Vouchers:

    • After saving the voucher, you can view it by going to the “Display” menu and selecting “Day Book” or “Vouchers.”
    • You can also print vouchers by selecting the voucher you want to print and clicking on the “Print” button.

    Tips for Voucher Entry in Tally:

    • Always ensure that the transactions are recorded accurately to maintain the integrity of your financial data.
    • Use appropriate ledger accounts for each transaction to ensure proper classification and reporting.
    • Review the voucher entries periodically to identify any errors or discrepancies.
    • Take regular backups of your Tally data to prevent data loss.

    Example:

    Suppose you want to record a payment transaction where you paid rent amounting to ₹10,000. Here’s how you would do it in Tally ERP 9:

    1. Press F5 to access the Payment Voucher screen.
    2. Enter the date of the transaction.
    3. Select the bank account from which the payment is made.
    4. Enter ₹10,000 in the “Payment” field.
    5. Select the “Rent Expense” ledger under “Particulars” and enter ₹10,000 in the “Amount” field.
    6. Press Ctrl + A to save the voucher.

    That’s it! You have successfully recorded the payment transaction in Tally ERP 9. Repeat these steps for other transactions as needed.

    Voucher Entry Examples:

    Type 1: Payment Voucher:

    • Example: Payment of electricity bill amounting to ₹5,000.
    1. Go to Gateway of Tally > Accounting Vouchers > F5: Payment.
    2. Select the appropriate bank or cash account under “Account” field.
    3. Enter the amount of ₹5,000 in the “Payment” field.
    4. Select “Electricity Expense” under “Particulars” and enter ₹5,000 in the “Amount” field.
    5. Press Enter to save the voucher.

    Type 2: Receipt Voucher:

    • Example: Receipt of rent from tenant amounting to ₹10,000.
    1. Go to Gateway of Tally > Accounting Vouchers > F6: Receipt.
    2. Select the appropriate bank or cash account under “Account” field.
    3. Enter the amount of ₹10,000 in the “Receipt” field.
    4. Select “Rent Income” under “Particulars” and enter ₹10,000 in the “Amount” field.
    5. Press Enter to save the voucher.

    Type 3: Sales Voucher:

    • Example: Sales of goods to ABC Traders amounting to ₹20,000.
    1. Go to Gateway of Tally > Accounting Vouchers > F8: Sales.
    2. Select the sales ledger under “Account” field.
    3. Enter the amount of ₹20,000 in the “Amount” field.
    4. Select “ABC Traders” under “Particulars” and enter ₹20,000 in the “Amount” field.
    5. Press Enter to save the voucher.

    Type 4: Purchase Voucher:

    • Example: Purchase of raw materials from XYZ Suppliers amounting to ₹15,000.
    1. Go to Gateway of Tally > Accounting Vouchers > F9: Purchase.
    2. Select the purchase ledger under “Account” field.
    3. Enter the amount of ₹15,000 in the “Amount” field.
    4. Select “XYZ Suppliers” under “Particulars” and enter ₹15,000 in the “Amount” field.
    5. Press Enter to save the voucher.

    Type 5: Journal Voucher:

    • Example: Recording depreciation expense for the month amounting to ₹2,000.
    1. Go to Gateway of Tally > Accounting Vouchers > F7: Journal.
    2. Select the depreciation ledger under “Account” field.
    3. Enter the amount of ₹2,000 in the “Amount” field.
    4. Select the appropriate ledger under “Particulars” and enter ₹2,000 in the “Amount” field.
    5. Press Enter to save the voucher.

    Type 6: Contra Voucher:

    • Example: Transfer of funds from Bank Account A to Bank Account B amounting to ₹50,000.
    1. Go to Gateway of Tally > Accounting Vouchers > F4: Contra.
    2. Select Bank Account A under “From” field and Bank Account B under “To” field.
    3. Enter the amount of ₹50,000 in the “Amount” field.
    4. Press Enter to save the voucher.

    Type 7: Debit Note Voucher:

    • Example: Debit note issued to supplier for returned goods amounting to ₹7,000.
    1. Go to Gateway of Tally > Accounting Vouchers > F10: Debit Note.
    2. Select the supplier’s ledger under “Account” field.
    3. Enter the amount of ₹7,000 in the “Amount” field.
    4. Select the appropriate ledger under “Particulars” and enter ₹7,000 in the “Amount” field.
    5. Press Enter to save the voucher.

    Type 8: Credit Note Voucher:

    • Example: Credit note issued to customer for returned goods amounting to ₹3,000.
    1. Go to Gateway of Tally > Accounting Vouchers > F11: Credit Note.
    2. Select the customer’s ledger under “Account” field.
    3. Enter the amount of ₹3,000 in the “Amount” field.
    4. Select the appropriate ledger under “Particulars” and enter ₹3,000 in the “Amount” field.
    5. Press Enter to save the voucher.

    Type 9: Payment Advice Voucher:

    • Example: Payment advice issued to a vendor for the upcoming payment.
    1. Go to Gateway of Tally > Accounting Vouchers > F10: Payment Advice.
    2. Select the vendor’s ledger under “Account” field.
    3. Enter the amount and other relevant details.
    4. Press Enter to save the voucher.

    These steps illustrate how to enter different types of voucher entries in Tally ERP 9 for various financial transactions. Make sure to select the appropriate ledgers and fill in the necessary details accurately to ensure accurate accounting records.

  • Mastering Voucher Entry: Manual Accounting with Three Golden Rules and Examples

    Three Golden Rules of Accounting:

    1. Debit (Dr.):

    • The term “debit” refers to the left-hand side of an account.
    • Increase in assets, expenses, and losses are recorded as debits.
    • Decrease in liabilities, income, and gains are recorded as debits.

    2. Credit (Cr.):

    • The term “credit” refers to the right-hand side of an account.
    • Increase in liabilities, income, and gains are recorded as credits.
    • Decrease in assets, expenses, and losses are recorded as credits.

    3. Dual Aspect:

    • Every transaction affects at least two accounts, with a debit in one account and a credit in another.
    • The total debits must always equal the total credits.

    Steps for Voucher Entry (Manual):

    Step 1: Identify the Transaction:

    • Determine the financial transaction that needs to be recorded, including the date, parties involved, and the nature of the transaction.

    Step 2: Analyze the Transaction:

    • Apply the three golden rules of accounting to understand how the transaction affects the accounts involved. Identify which accounts will be debited and which will be credited.

    Step 3: Prepare the Voucher:

    • Write down the details of the transaction in a voucher format. Include the date, description of the transaction, the accounts affected, and the amounts.

    Step 4: Apply Double-Entry:

    • Record the appropriate debits and credits according to the three golden rules of accounting. Ensure that the total debits equal the total credits.

    Step 5: Calculate Balances:

    • Update the balances of the affected accounts by adding or subtracting the amounts based on the transaction.

    Step 6: Post to Ledger:

    • Transfer the details of the transaction from the voucher to the respective ledger accounts. Update the ledger balances accordingly.

    Examples of Voucher Entries:

    Example 1: Cash Purchase of Goods:

    • Debit: Purchases Account
    • Credit: Cash/Bank Account

    Example 2: Sale of Goods on Credit:

    • Debit: Accounts Receivable/Sales Account
    • Credit: Sales Account/Accounts Receivable

    Example 3: Payment of Rent:

    • Debit: Rent Expense
    • Credit: Cash/Bank Account

    Example 4: Receipt of Interest Income:

    • Debit: Cash/Bank Account
    • Credit: Interest Income

    Example 5: Payment of Salary:

    • Debit: Salary Expense
    • Credit: Cash/Bank Account

    These examples illustrate how transactions are recorded manually following the principles of double-entry accounting. Each transaction impacts at least two accounts, with one account being debited and another being credited. Recording transactions accurately is essential for maintaining the integrity of financial records and producing reliable financial statements.